India Markets Log Third Weekly Loss Amid Earnings Pressure; Axis Q1 Shock Drags Nifty Below 25,000

Indian equity markets ended on a weak note on Friday, as dismal earnings from Axis Bank dragged the Nifty index below the 25,000 mark. The benchmarks have also extended their losses for the third consecutive week, falling over 0.5% on their weekly charts.

On Friday, the Sensex closed 501 points lower at 81,757, while the Nifty 50 ended 143 points lower at 24,968. Broader markets were also under pressure, with the Midcap and Smallcap indices falling 0.7%.

The retail investor sentiment surrounding the Nifty 50 moved from ‘extremely bearish’ to ‘bearish’ by market close on Stocktwits.

Sectorally, barring media and metals, the rest of the indices ended in the red, led by declines in private banks.

Axis Bank was the top Nifty loser, ending 5% lower as concerns over asset quality and margins weighed on investor sentiment, and led to brokerages revising their target prices. 

Wipro shares recovered to end over 2% higher. Analyst Vijay Gupta observed that the sharp bounce validates investor confidence. He recommended buying on dips near ₹261–263 with a stop-loss at ₹254 for a target price of ₹275- ₹280 in momentum continuation. But a breakdown below ₹254 invalidates the bullish view.

Defense stocks continued to reel under pressure. Data Patterns, BDL, BEML, and HAL shares fell between 4% to 2%. 

GMDC surged 13% following reports that the Prime Minister’s Office (PMO) is likely to hold a key meeting to address the intensifying rare-earth magnet crisis.

MPS shares fell 16% on the back of a weak show in Q1. Clean Science fell 9% after Q1 earnings miss and concerns over a potential promoter stake sale.  

All eyes will be on Reliance, HDFC Bank, and ICICI Bank as they report their Q1 earnings. 

Globally, European markets traded higher, while US stock futures indicate a positive start on Wall Street. 

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